Alexander Forbes shareholders approve ARC empowerment deal
Shareholders of Alexander Forbes have approved a deal that will see African Rainbow Capital (ARC) become a strategic empowerment partner of the financial and risk services group. ARC will acquire 10% of Alexander Forbes’ wholly owned subsidiary, Alexander Forbes Limited, for net proceeds of R678.1m to be settled in cash. Alexander Forbes Group CEO Andrew Darfoor said the investment by ARC in its African operations would accelerate the group’s vision to continue to build a globally distinctive pan-African financial services organisation. "Going forward, the focus will be on conducting extensive market segmentation and research to enable us to create solutions that address our customer needs across retirement, financial planning, wealth creation and protection, and financial risk management," said Darfoor. Johan van Zyl, co-CEO of ARC, welcomed the approval of the transaction by Alexander Forbes shareholders, describing it as a landmark investment by ARC which has a 10- to 20-year vis...
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